Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2 million contingent interest autocalls on indexes
By Sarah Lizee
Olympia, Wash., July 2 – JPMorgan Chase Financial Co. LLC priced $2 million of autocallable contingent interest notes due Sept. 29, 2021 tied to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.25% per year if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly autocall review date other than the final one.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and S&P 500 index
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| Amount: | $2 million
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| Maturity: | Sept. 29, 2021
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| Coupon: | 7.25% per year, payable quarterly if each index closes at or above interest barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% that the least-performing index finishes below its initial level
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| Call: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly autocall review date other than the final one
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| Initial levels: | 25,445.94 for Dow, 10,002.7 for Nasdaq and 3,050.33 for S&P
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| Interest barriers: | 17,812.158 for Dow, 7,001.89 for Nasdaq and 2,135.231 for S&P; 70% of initial levels
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| Trigger levels: | 17,812.158 for Dow, 7,001.89 for Nasdaq and 2,135.231 for S&P; 70% of initial levels
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| Pricing date: | June 24
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| Settlement date: | June 29
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.1%
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| Cusip: | 48132MMX6
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